Two Sigma Investments LP Raises Stake in Flex (FLEX)
Two Sigma Investments LP lifted its position in Flex (NASDAQ:FLEX) by 1,472.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 376,804 shares of the technology company’s stock after purchasing an additional 352,834 shares during the quarter. Two Sigma Investments LP’s holdings in Flex were worth $6,779,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of FLEX. American Century Companies Inc. increased its holdings in shares of Flex by 85.5% in the fourth quarter. American Century Companies Inc. now owns 3,724,973 shares of the technology company’s stock worth $67,012,000 after purchasing an additional 1,716,866 shares during the last quarter. Iridian Asset Management LLC CT increased its holdings in shares of Flex by 12.7% in the fourth quarter. Iridian Asset Management LLC CT now owns 14,406,912 shares of the technology company’s stock worth $259,180,000 after purchasing an additional 1,628,669 shares during the last quarter. Corsair Capital Management L.P. bought a new stake in shares of Flex in the fourth quarter worth about $20,383,000. Brenner West Capital Advisors LP bought a new stake in shares of Flex in the fourth quarter worth about $19,762,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Flex by 5,418.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 921,573 shares of the technology company’s stock worth $16,578,000 after purchasing an additional 904,873 shares during the last quarter. 97.59% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on FLEX. BidaskClub raised Flex from a “sell” rating to a “hold” rating in a report on Saturday, January 20th. Stifel Nicolaus boosted their price objective on Flex from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Bank of America boosted their price objective on Flex from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Needham & Company LLC boosted their price objective on Flex from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Finally, ValuEngine raised Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Flex presently has a consensus rating of “Buy” and a consensus target price of $20.56.
Shares of Flex stock opened at $17.94 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.72 and a current ratio of 1.22. Flex has a 52 week low of $14.70 and a 52 week high of $19.71. The firm has a market capitalization of $9,408.27, a P/E ratio of 16.66, a price-to-earnings-growth ratio of 0.98 and a beta of 0.78.
Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, January 25th. The technology company reported $0.31 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Flex had a return on equity of 20.44% and a net margin of 2.15%. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.50 billion. During the same period in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. equities analysts predict that Flex will post 1.08 EPS for the current fiscal year.
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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It offers innovation services, such as innovations labs for supporting customer design and product development services from early concept stages; collective innovation platform, an ecosystem of technology solutions; Lab IX, a startup accelerator program; centers of excellence solutions in critical areas; interconnect technology center for printed circuits; and CloudLabs that enables customers to accelerate a spectrum of cloud, converged infrastructure, and datacenter strategies.
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